When you need to sell your house fast, you may not have time to go through all the steps of a traditional sale. A foreclosure, new job, divorce, or probate may put you in a situation where you need to expedite your sale so that you can move on. However, your circumstances may keep you from selling your house when you need to. As a result, it stays on the market longer than it should.
So, if you cannot sell your house the traditional way (listing it and hiring a realtor), your options for unloading the property may be limited. Fortunately, there is an alternative to a conventional sale. You can sell your house as-is for cash to a local buyer in Detroit, Michigan. A cash sale speeds up the process and saves you thousands of dollars in selling costs. Let’s take a closer look at how long it takes to sell your property in a cash sale.
The Cash Sale Timeline
Before we get into the cash sale timeline, it should be noted that, on average, it can take up to 60 to 90 days to sell your house the traditional way. You could opt for a For Sale by Owner. However, that type of sale takes six to 12 months on average. How does a cash sale in Detroit compare? We break it down.
Preparing the House for a Sale – 3 to 12 Months
One of the most dreaded parts of selling a house is making the necessary repairs or upgrades to make the house more competitive. Small renovations can take several weeks to complete. Larger projects are more involved – several months.
When you sell your house directly to a buyer, you eliminate the time and money it takes to repair or renovate your house. This is because the buyer will purchase your property as-is. They agree to buy the property regardless of its condition with no strings attached.
Showing the House – 1 to 2 Months
Once you repair the house, you still have to make the necessary preparations to show it to potential buyers. This often includes rearranging the house, keeping it clean, making touch ups, and restoring the landscape. Then, you or the realtor must show the house to multiple buyers.
In a cash sale, you only show the house to a single buyer. The buyer performs a quick walkthrough of the house to determine if they want to purchase the property. Since the buyer plans to buy the house as-is, you do not have to prepare for the walkthrough.
The Offer to Buy
Once a buyer makes an offer, several things need to happen for the offer to be solidified. For instance, you may negotiate with the buyer. Once you agree, then the bank has to approve the buyer’s loan request. Approval can take several days. You may go through several potential buyers before finding one who qualifies for a loan and submits an offer you agree to.
A local buyer interested in buying your house is typically already pre-qualified. They either have the cash to pay for the house or are pre-qualified for a home loan. While it is true that the buyer will probably make an offer at just under the current value of the house, they also save you thousands of dollars in repairs, closing costs, and realtor commissions.
Closing the House Sale
On average, the closing can take 30 to 45 days in a traditional sale. Realtors, sellers, buyers, attorneys, and local and state governments all have a stake in the sale. All of these entities can delay and complicate the closing process.
When you work directly with a buyer and eliminate the realtor, you can close the sale in as little as seven to 21 days. You pay no closing costs and do not have to hire a realtor or attorney to be present at the close. So, in essence, you can sell your house directly to a buyer and close in less than 30 days total.
Sell My House Fast for Cash in Detroit, Michigan
If you are ready to sell your house fast, then now is the time. You don’t have to wait for months to close on your house finally. M1 Home Buyers can make a cash offer and put cash in your hands in as little as seven days. Call 248-397-5800 to schedule a walkthrough of your property. Sell your house fast for cash in Detroit, Michigan.